In a bid to meet the housing demand in Singapore, authorities are in the process of ramping up 23 000 new flats yearly in 2022 and 2023. This move is an ambitious project to provide affordable public housing, which you can get as a condominium.
You can either buy it as a new launch or after completion. The former is more favorable because it comes with several benefits. Some of the top benefits of buying the condo units during the under-construction phase include:
Flexible Payment Schemes
The pre-launch purchase also comes with a flexible payment scheme. Since the units aren’t ready, you won’t be expected to make the total payment upfront. Instead, you will use progressive or deferred payment.
In progressive payment, you can borrow for the down payment and pay the rest in a spread-out plan as the construction continues. In deferred payment, you will pay 20% of the fees and then wait for three to four years before you resume paying monthly installments.
These payment schedules are advantageous because they enable you to own a condo regardless of your capital.
Cost Efficiency
Buying condos in the pre-launch phase will save you a lot of money. For starters, most builders offer competitive prices when the construction is at the initial phase.
Depending on the type of project and target market, the developers give numerous vouchers, discounts, and freebies to entice a new purchase. Taking advantage of that will give you a condo unit at a fair price.
In addition, you won’t pay miscellaneous fees like maintenance until the project is finished.
Tailor-Made Choices
You can choose a unit, view, and desired floor.
This is possible because you have more options and the ability to change some elements without compromising the project. With this option, you can get the interior modification of your desire because the units aren’t up yet.
As a result, you will get your dream home, making a more pleasant life for you. A good unit with a panoramic view that you can get with buying at this phase can fetch you good returns should you sell it.
Capital Appreciation
Suppose you want to invest in the real estate industry in Singapore; buying the properties at the new launch is the best option because of capital appreciation. This appreciation is mainly because the new condo units don’t have asset depreciation until the project is completed.
Therefore, it’d be best to sell it when the project nears completion for maximum returns. Note that the sale won’t be complex because new housing projects get a lot of media attention in Singapore. And with the right listing, you can get a buyer fast.
The race for affordable housing in Singapore is on, and you can take advantage of it. Many property developers are launching housing projects that allow you to buy them pre-launch or after completion.
The best option is acquiring the property at pre-launch because it comes with the benefits you have read about here. Therefore, check reputable listings today and find new projects where you can get a suitable condo at a fair price.